Responding to confirmation that new US tariffs on steel and aluminium should not affect UK exports, William Bain, the BCC’s Head of Trade Policy, said:

“UK firms exporting steel or aluminium goods to the US will be relieved that tariffs will not double today. They now at least have clarity that duty rates will remain the same until 9 July.

“By it is critical that the US and UK governments deliver on the commitments made in the Economic Prosperity Deal (EPD) to ensure long term certainty. That would mean the removal of tariffs on UK exports of steel and aluminium, and for all derivative products like cutlery, cans, nuts and screws to be exempt as well.

“With many other nations now facing up to punitive 50% levies, this shows why negotiation was the right response. UK businesses should now be in pole position with one of our two top export markets.

“However, the continually shifting sands around tariffs are creating more uncertainty for businesses globally and weighing heavily on growth. The BCC’s latest economic forecast predicts just a 1.1% increase in UK GDP for 2025, and much of this was generated in the trading frenzy before tariffs rose.

“So, we must not stop here. We want to see implementation of the EPD just as quickly on cars and automotive parts. Firms across many other goods sectors are also still facing a 10% tariff. We must use the foundations of our current agreement to deliver tariff relief to all parts of the economy.”